fcx 3q08cc oct08 v2 · this presentation contains forward-looking statements in which we discuss...

www.fcx.com

3rd Quarter 2008Earnings Conference Call

3rd Quarter 2008Earnings Conference Call

October 21, 2008October 21, 2008

2

This presentation contains forward-looking statements in which we discuss factors we believe may affect our performance in the future. Forward-looking statements are all statements other than historical facts, such as statements regarding projected ore grades and milling rates, projected sales volumes, projected unit net cash costs, projected operating cash flows, projected capital expenditures, the impact of copper, gold and molybdenum price changes, the impact of changes in deferred intercompany profits on earnings and timing of dividend payments and open market purchases of FCX common stock. The declaration and payment of dividends is at the discretion of FCX’s Board of Directors and will depend on FCX’sfinancial results, cash requirements, future prospects, and other factors deemed relevant by the Board. Accuracy of the forward-looking statements depends on assumptions about events that change over time and is thus susceptible to periodic change based on actual experience and new developments. FCX cautions readers that it assumes no obligation to update or publicly release any revisions to the forward-looking statements in this presentation and, except to the extent required by applicable law, does not intend to update or otherwise revise the forward-looking statements more frequently than quarterly. Additionally, important factors that might cause future results to differ from these projections include mine sequencing, production rates, industry risks, commodity prices, political risks, weather-related risks, labor relations, currency translation risks and other factors described in FCX's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the Securities and Exchange Commission (SEC).

In our filings with the SEC, we disclose recoverable proven and probable reserves calculated in accordance with Industry Guide 7 as required by the Securities and Exchange Act of 1934. In this presentation we refer to potential reserve additions and use phrases such as “potential additions in medium term,” “mineralized material” and “potential to add reserves.”Potential reserve additions will not qualify as reserves until sufficient mapping, drilling, sampling, and assaying are completed and until comprehensive engineering studies establish their economic feasibility. Accordingly, no assurance can be given that any potential reserve additions will become recoverable proven or probable reserves. We urge you to consider closely the disclosure of recoverable proven and probable reserves in our Annual Report on Form 10-K for the year ended December 31, 2007.

This presentation also contains certain financial measures such as unit net cash costs per pound of copper and unit net cash costs per pound of molybdenum. As required by SEC Regulation G, reconciliations of these measures to amounts reported in FCX’s consolidated financial statements or pro forma consolidated financial results are in the supplemental schedule, “Product Revenues and Production Costs,” which is available on our internet web site www.fcx.com.

www.fcx.comwww.fcx.com

Cautionary Statement Regarding Forward-Looking Statements

Cautionary Statement Regarding Forward-Looking Statements

3

3Q08 Highlights3Q08 Highlights

Copper Consolidated Volumes (mm lbs) 1,016 949Average Realization (per lb) $3.14 $3.53

GoldConsolidated Volumes (000’s ozs) 307 269Average Realization (per oz) $869 $695

MolybdenumConsolidated Volumes (mm lbs) 19 16Average Realization (per lb) $32.11 $27.89

Sales Data 3Q08 3Q07Sales Data 3Q08 3Q07

Financial Results (in millions, except per share amounts)Financial Results (in millions, except per share amounts)

____________________(1) Excludes purchased products (2) Includes reduction for PD’s historical hedging of 4¢/lb(3) Includes reductions to revenues of $282 mm ($127 mm to net income or 28¢/share) in 3Q08 and $54 mm ($27 mm to net income or 6¢/share) in 3Q07 for prior period adjustments

to provisionally priced concentrate and cathode sales. 3Q08 also includes charges to revenues of $66 mm ($40 mm to net income or 9¢/share) associated with unrealized losses on rod derivative contracts and 3Q07 also includes charges to revenues of $44 mm ($26 mm to net income or 6¢/share) for mark to market accounting adjustments on the 2007 copper price protection program.

(4) Includes net charges totaling $11 mm (2¢/share), associated with lower cost of market adjustments to inventory.(5) Includes capitalized interest (6) Purchased 6.3 mm shares in 3Q08. 23.7 mm shares remain available under the board authorization.

(1)

(1)

(2)

Revenues $4,616 $5,066Net Income $523 $775Diluted Earnings Per Share $1.31 $1.85Operating Cash Flows $1,545 $2,177Capital Expenditures $766 $466Open Market Share Purchases $500 -

(3, 4)

(3, 4)

(5)

(3) (3)

(3)

(3)

(6)

4

Recent EventsRecent Events

Global Market ConditionsFinancial Market Turmoil/Credit CrisisEconomic Weakness in U.S./EuropeMarket Concerns About Slower Growth in China

Sharp Decline in Commodities Prices During September/October

Underlying Fundamentals of Copper Business Remain PositiveLow InventoriesSupply Constraints/ShortfallsAbsence of New Projects

FCX Revising Operating Plans to be Responsive to Current Market Conditions

No Change in Long Range Strategy

5

MarketsMarkets

*LME and Comex, excluding Shanghai stocks, producer, consumer and merchant stocks.

London Gold Price ($/oz) Molybdenum Price* ($/lb)

$0

$200

$400

$600

$800

$1,000

$1,200

Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08$0

$5

$10

$15

$20

$25

$30

$35

$40

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

* Metals Week – Molybdenum Dealers Oxide Price

Cen

ts Per P

oun

d0

00

’s M

etri

c To

ns

0

250

500

750

1,000

1,250

1,500

1,750

2,000

Jan-99 Jul-99 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08

0

50

100

150

200

250

300

350

400

LME & COMEX Exchange Stocks* LME & COMEX Exchange Stocks*

LME Copper Price

6

Achievement of Significant Debt Reduction

Achievement of Significant Debt Reduction

$7.2

$17.6

$0

$5

$10

$15

$20

(US$ billions)

(1) Pro Forma year-end 2006 total debt of $1.6 billion plus $16 billion in acquisition debt

At Time of PD Acquisition in March 2007

9/30/08

Tota

l Deb

t

(1)

7

FCX Debt Maturities 9/30/08FCX Debt Maturities 9/30/08

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2008 2009 2010 2011 2012 2013 2014 2015 Thereafter

Public Debt All Other Debt

$4 $46 $10$136 $125

$14

(US$ millions)

$2,514

$4,006

$354

8.375% Senior NotesandPD

SeniorNotes

Floating Rate & 8.25% Senior Notes

6.875% Sen. Notes

Total Debt & Cash at 9/30/08

Senior Notes Issued in 2007 $6.0Heritage PD Debt 0.6Other Debt 0.6

Total Debt $7.2

Consolidated Cash $1.2

(US$ billions)

8

3Q08 Regional Data3Q08 Regional Data

North SouthAmerica America Indonesia Consolidated

Unit Cash CostsSite Production & Delivery $2.07 $1.22 $1.76 $1.66Royalties(1) 0.00 0.00 0.12 0.03Treatment Charges 0.09 0.09 0.24 0.13By-product Credits (0.65) (0.15) (0.93) (0.53)

Unit Net Cash Costs $1.51 $1.16 $1.19 $1.29

(per pound of copper)

(1) Profit sharing in South America included in production costs; severance taxes in North America included in production costs.NOTE: For a reconciliation of unit net cash cost per pound to production and delivery cost applicable to sales reported in FCX’s consolidated financial statements, refer to

“Product Revenues and Production Costs” on FCX’s web site.

Sales From Mines for 3Q by RegionSales From Mines for 3Q by Region

3 Q 0 8 3 Q 0 7

Cumm lbs

3 Q 0 8 3 Q 0 7

Momm lbs

376361

1619

North America South America Indonesia

3 Q 0 8 3 Q 0 7

Cumm lbs

3 Q 0 8 3 Q 0 7

Au000’s ozs

376391

3130

3 Q 0 8 3 Q 0 7

Cumm lbs

3 Q 0 8 3 Q 0 7

Au000’s ozs

197264

234271

3Q08 3Q07 3Q08 3Q07 3Q08 3Q07 3Q08 3Q07 3Q08 3Q07 3Q08 3Q07

9

3Q08 Copper Impact3Q08 Copper ImpactSpot Price Declined 27% From $3.99/lb at Start of Quarter to $2.90/lb at Quarter-end

Approximately Half of Sales in Any Quarter are Provisionally Priced and Subject to Final Pricing

Quarter-end Price is a Major Determinant in Recorded Price

Two Impacts in 3Q08

1) Adjustments to 2Q Sales (Provisionally Priced at $3.88/lb at 6/30/08) Remained Subject to Final Pricing

$282 MM in Lower Revenues ($127 MM to Net Income, $0.28/Share)

2) Recorded Price for 3Q Sales of $3.14/lb Was Less Than 3Q08 Market Averageof $3.49/lb (1)

$163 MM Impact to Net Income, $0.36/Share

Estimated 4Q Net Income Impact at Current Price: ~ $200 MM Reduction (2)

Each 5¢ Change From Oct. 17 Would Impact Estimate by $13 Million

(1) Certain of these sales will be finally priced in future periods. Each $0.05 change from the 9/30/08 average forward price of $2.89/lb. would result in ~$15mm effect onFCX’s 2008 net income.

(2) Estimate based on assumption that October 17th QTD average pricing of $2.48/lb and forward price of $2.18/lb were applied to Sept 30 provisionally priced sales resulting ina weighted average price of $2.23/lb for open pound pricing. See Cautionary Statement.

10

2008 Outlook2008 Outlook

Sales Outlook:

Modeled Operating Cash Flows (1):

4Q08 Prices Assumptions: $2.15 Copper, $800 Gold and $27 Moly

Net of Working Capital Use in 2008 of ~ $1.6 Billion

2008 Capital Expenditures: ~ $2.7 Billion

(1) Based on actuals for first nine months and assumed prices of $2.15/lb Copper, $800/oz Gold, and $27/lb Molybdenum in 4Q08. Each 20¢ change in copperwould impact this estimate by approximately $250 MM in 4Q08.

Note: Amounts are projections; see cautionary statement.

• Copper: 4.0 Billion lbs.• Gold: 1.2 Million ozs. • Molybdenum: 74 Million lbs.

~ $3.5 Billion

11

Development Project UpdateNorth America - Molybdenum

Development Project UpdateNorth America - Molybdenum

• ~$500MM “brownfield” projectOpen-pit operationConstruction of new mill with restart by 2010Major permits receivedConstruction activities commenced

• Initial annual production ~30mm lbs

• Largest, highest-grade undeveloped moly resource with substantial upside; major drilling program completed in 2008

• Facilities designed to enable expansion; further expansion will depend on market conditions

Climax Mine Restart

NOTE: FCX has a 100% ownership interest in Climax

Coarse orestockpile

Primarycrusher Pebble

crushersSAG mill

Ball mill

Flotation

Thickener New Mill FacilitiesNew Mill Facilities

New Mill FacilitiesNew Mill Facilities

12

Development Project UpdateDemocratic Republic of Congo


Tenke Fungurume Mine Development

NOTE: FCX has a 57.75% ownership interest in the Tenke Fungurume project

• Engineering, procurement & construction activities continue; concrete work, steel tank erection, structural steel & logistics/ infrastructure development

• Aggregate capital cost estimate of $1.75 billion; capital cost & project timing will continue to be reviewed and updated as development progresses

• Initial production target – 2H09;Aggregate annual production of 250MM lbs Cu & 18MM lbs Co

• Initial Reserves at 12/31/07: 100MM mt at 2.3% copper and 0.3% cobalt

• Drill program acceleratedReserves are expected to increase significantly

Tenke Fungurume Plant SiteView from Kwatebala HillTenke Fungurume Plant SiteView from Kwatebala Hill

13

ElectrowinningElectrowinning

CobaltPrecipitation

CobaltPrecipitation

HeavyDuty Shop

HeavyDuty Shop

Leach& CCDLeach& CCD

SAG MillSAG Mill

Stockpile & Dump PocketStockpile &

Dump Pocket

Tenke FungurumeConstruction Site, 3Q08Tenke FungurumeConstruction Site, 3Q08

SolutionExtractionSolution

Extraction

AcidPlantAcidPlant

Tailings StorageTailings Storage

SAG Mill

Solution ExtractionSolution Extraction

ElectrowinningBuilding

ElectrowinningBuilding

DumpPocket



14

Other ProjectsOther Projects

North America South America• Opportunities for small and large

scale expansions

• Additional potential as we incorporate drill data and reserve additions

• Timing of development depends on market conditions*

• Pursuing incremental expansion• Potential for large scale expansion• Significant reserve potential• Timing of development depends on

market conditions

El Abra

Cerro Verde

Morenci

• Large sulfide mineral deposit underlying current oxide pit

• New leach pad & modifications to existing crushing plant; construction to begin in the second half of 2008

• Extends mine life 10+ years• Provides 325MM lbs copper/year

aggregate to replace oxides• ~ $450MM project• Assessing timing

* incremental expansions at Sierrita and Bagdad and the restart of the Miami mine have been deferred

15

A World of OpportunitiesExploration Targets in Major Mineral Districts

A World of OpportunitiesExploration Targets in Major Mineral Districts

SouthAmerica

20 rigs

SouthAmerica

20 rigs

Indonesia14 rigs

Indonesia14 rigsAfrica

18 rigsAfrica18 rigs

SW US41 rigs

SW US41 rigs

Safford/Lone Star/MorenciDistrict

Cerro Verde Tenke Fungurume/Africa Grasberg/Indonesia

~100 drill rigs operating around the world~100 drill rigs operating around the world

25 rigs25 rigs 11 rigs11 rigs 18 rigs18 rigs 14 rigs14 rigs

16

Exploration Drives the Mine PlanExploration Drives the Mine Plan

Aggregate 2008e Exploration: ~$275 million

South America

4%

17%17%27%27%

42%42%10%

North AmericaLone Star,Morenci& Others

AfricaTenke

Fungurume& Kisanfu

IndonesiaDeep Grasberg,Kucing Liar, &other targets

outsideof Block A Australasia & Other Areas

NOTE: Exploration and R&D costs are expensed as incurred. 2008e expense is estimated to total $310 mm for this line item. e = estimate. Please see cautionary statement.

17

Copper Sales (billion lbs)Gold Sales (million ozs)

Sales Profile 2007 - 2010eSales Profile 2007 - 2010e

____________________Note: Consolidated copper sales include approximately 535 mm lbs in 2006, 647 mm lbs in 2007,

700 mm lbs in 2008e, 725 mm lbs in 2009e and 800 mm lbs in 2010e for minority interest;excludes purchased copper.

____________________Note: Consolidated gold sales include approximately 185 k oz in 2006, 228 k oz in 2007, 130 k oz

in 2008e, 220 k oz in 2009e and 215 k oz in 2010e for minority interest

3.63.9 4.0

4.34.6

0

1

2

3

4

5

2006 2007 2008e 2009e 2010e

1.92.3

1.2

2.2 2.2

0

1

2

3

2006 2007 2008e 2009e 2010e

69 69 7480

100

0

20

40

60

80

100

2006 2007 2008e 2009e 2010e

Molybdenum Sales (million lbs)

ProForma

ProForma

ProForma

____________________ Note: Consolidated molybdenum sales include approximately 2 mm lbs in 2008e, 3 mm lbs in 2009e and 4 mm lbs in 2010e for minority interest; excludes purchased molybdenum

ProForma*

ProForma*

ProForma*

* 2007 includes pre-acquisition sales of 505 mm lbs of copper, 18 k oz of gold and 17 mm lbs of molybdenum e = estimate. Please see cautionary statement.

18

Copper Sales (million lbs)

____________________Note: Consolidated copper sales include approximately 164 mm lbs in 1Q08, 167 mm lbs in 2Q08,

176 mm lbs in 3Q08 and 190 mm lbs in 4Q08e for minority interest; excludes purchased copper

____________________Note: Consolidated gold sales include approximately 29 k oz in 1Q08, 27 k oz in 2Q08,

31 k oz in 3Q08 and 45 k oz in 4Q08e for minority interest

911 9421,016

1,165

0

250

500

750

1,000

1,250

1Q08 2Q08 3Q08 4Q08e

280 265307

395

0

125

250

375

500

1Q08 2Q08 3Q08 4Q08e

20 20 19

15

0

5

10

15

20

25

1Q08 2Q08 3Q08 4Q08e

Molybdenum Sales (million lbs)

2008e Quarterly Payable Metal Sales2008e Quarterly Payable Metal Sales

Gold Sales (thousand ozs)

e = estimate. Please see cautionary statement.

19

2008e Sales and Unit Production Costs by Region

2008e Sales and Unit Production Costs by Region

(per pound of copper)

(1) Includes Cerro Verde moly(2) Estimates assume average prices of $2.15/lb for copper, $800/oz for gold and $27/lb for molybdenum for 4Q 2008. Quarterly unit costs will vary significantly with quarterly

metal sales volumes.(3) Production costs include profit sharing in South America and severance taxes in North AmericaNote: Amounts are projections. See Cautionary Statement.

2008e Sales by Region2008e Sales by Region

2 0 0 8 e

Cumm lbs

2008 e

Momm lbs

1,425

74 (1)

North America South America Indonesia

2 0 0 8 e

Cumm lbs

2007e

Aumm ozs

1,500

0.1

2 0 0 8 e

Cumm lbs

2 0 0 7 e

Aumm ozs

1,1001.1

North SouthAmerica America Indonesia Consolidated

Unit Cash CostsSite Production & Delivery $1.86 $1.15 $1.62 $1.53Royalties - - 0.11 0.03Treatment Charges 0.09 0.15 0.26 0.16By-product Credits (0.67) (0.15) (0.95) (0.55)

Unit Net Cash Costs $1.28 $1.15 $1.04 $1.17

(2)

(3)

(3)

20

EBITDA and Cash Flow at Various Copper PricesEBITDA and Cash Flow

at Various Copper Prices

____________________Note: Prices as noted for 2009e/2010e. On an annual basis, each $50/oz change in gold approximates $90 million to EBITDA and $50 million to operating cash flow;

each $2.00/lb of molybdenum equates to $140 million to EBITDA and $100 million to operating cash flow. EBITDA equals operating income plus depreciation, depletion, and amortization, and excludes purchase accounting impacts.

Average Annual EBITDA ($750 Gold & $25 Molybdenum)

Average Annual Operating Cash Flow ($750 Gold & $25 Molybdenum)

(US$ billions)

$0

$2

$4

$6

$8

$10

Cu $2.00/lb Cu $2.50/lb Cu $3.00/lb

$0

$2

$4

$6

Cu $2.00/lb Cu $2.50/lb Cu $3.00/lb

(US$ billions)

21

Sensitivity to Commodity PricesSensitivity to Commodity Prices

____________________Note: Annual financial impact based on estimated average annual sales for 2009-2010 and excludes purchase accounting impacts.

Annual Financial ImpactAnnual Financial Impact

Net OperatingChange EBITDA Income Cash Flow

Net OperatingChange EBITDA Income Cash Flow

Copper: -/+ $0.20/lb $850 $490 $575

Molybdenum: -/+ $2.00/lb $140 $100 $100

Gold: -/+ $50/ounce $90 $45 $50

(US$ millions)

22

Capital Expenditures – Under Review (1)Capital Expenditures – Under Review (1)

(US$ billions)

0.8

1.0

1.6

1.1

1.4

0.9

0.4

0.9

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

2007 2008e 2009e 2010e

All OtherMajor Projects

$1.8

$2.7

$2.3

(1) FCX currently revising capital budgets in response to current market conditions(2) Includes PD expenditures beginning March 20, 2007Note: Includes capitalized interest. e = estimate. Please see cautionary statement.

$1.3

(2)

23

Committed to Maintaining a Strong Financial Position

Invest in Development Projects with High Rates of Return

Shareholder Returns

Dividends

Share Purchases (23.7 mm Shares Remain Available Under Current Authorization)

Financial Policy Reviewed on Ongoing Basis

Responsive to Market Conditions

Financial PolicyFinancial Policy

24

FCX Investment SummaryFCX Investment Summary

World’s Premier Publicly Traded Copper Company

World’s Largest Molybdenum Producer & Significant Gold Producer

World Class, Long-lived, Geographically Diverse Operations

Strong Cash Flows and Financial Strength

Attractive Project Pipeline

Significant Exploration Potential

25

ReferenceSlides

26

Grasberg District Ore BodiesGrasberg District Ore Bodies

1

Big Gossan

Dom Pit

DeepMLZ

MLZ

DOZ

Dom BC

ESZN

Block A COW Ore BodiesPlan View

GrasbergUG

Kucing Liar

Portals(Ridge Camp)

COW AOre Bodies

Plan View

CommonInfrastructure

Kucing Liar“Spur”

N

MillMill

Grasberg BlockCave “Spur”

December 20075.5 km* from the Portal

GrasbergPit

GrasbergPit

AmoleAmole

MLAMLALower access to Big Gossan completed

• At year-end 2007, we arrived at the start of the Grasberg BC terminal

• In 2008, we have begun development of Grasberg BC infrastructure

2004Portal construction started (April)Tunnel development started (July)

* represents the distance from the portal and not indicative of total development meters

Elev

atio

n: 2,5

00 met

ers

Elevation: 2,900 meters

27

Grasberg Open PitGrasberg Open Pit

NN

8E8E8N8N

7S7S

8S8S

9N9N

9S9S

28

Small Scale Failure at Grasberg Open PitStatus Update

Small Scale Failure at Grasberg Open PitStatus Update

Small Scale Failure7 South

• Small scale failure of 75,000 mt with no injuries or property damage

• Normal operations but access to 7S high grade section was restricted

• Remediation substantially complete; mining in 7S west side has resumed

• With a step-in, metal deferred until 8S mined (150mm lbs Cu & 200K ozs Au*); no significant impact on LT plans

* 90mm lbs & 200K ozs net to PT-FI

7S

8S8S

9S9S

A

B

Final 7S Design

7S7S

A BCross-Section

Step-inStep-in

29

PT-FI Mine Plan PT-FI’s Share of Metal Sales, 2008e-2012ePT-FI Mine Plan PT-FI’s Share of Metal Sales, 2008e-2012e

1.1 1.11.3

2.1

1.5

2.1

1.0

1.5

1.0 0.9

2008e 2009e 2010e 2011e 2012e

Copper, billion lbs Gold, million ozs

2008e – 2012e PT-FI ShareTotal: 5.9 billion lbs

Annual Average: 1.18 billion lbs

2008e – 2012e PT-FI ShareTotal: 7.7 million ozs

Annual Average: 1.54 million ozs

e = estimate. Amounts are projections; see cautionary statement.Note: Timing of annual sales will depend upon mine sequencing, shipping schedules and other factors.

30

Mining Sequence in 2008Copper Equivalent Cross Section


1Q081Q08

7S7S

8E8E7S is the Primary Ore Pushback in 2008

End2007

0.50 – 0.99 % Eq Cu1.00 – 1.99 % Eq Cu2.00 – 2.99 % Eq Cu> 3.00 % Eq Cu

Legend:

Grasberg Plan ViewGrasberg Plan View

AA

BB

0.25 - 0.99% CuEq1.00 - 1.99% CuEq2.00 - 2.99% CuEq>3.00% CuEq

A B

31




Legend:


AA

BB


A B

7S7S

8E8E

7S is the Primary Ore Pushback in 2008

End2007

2Q082Q08

32




Legend:


AA

BB


A B

7S7S

8E8E


End2007

3Q083Q08

33



7S7S

8E8E


End2007

4Q084Q08


Legend:


AA

BB


A B

34




Legend:


AA

BB


A B

End2008

7S7S

8E8E

7S and 8E are the Primary Ore Pushbacks in 2009

20092009

35




Legend:


AA

BB


A B

20102010

8E/8S is the Primary Ore Pushback in 2010

End2009 8E8E

9S9S

36




Legend:


AA

BB


A B

20112011

8E and 9N are the Primary Ore Pushbacks in 2011

9N*9N*

* 9N is in ore north of this cross-section

8E8E

End2010

9S9S

37




Legend:


AA

BB


A B

20122012

9N is the Primary Ore Pushback in 2012

9N*9N*

* 9N is in ore north of this cross-section

End2011

9S9S

fcx 3q08cc oct08 v2 · this presentation contains forward-looking statements in which we discuss...

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